Chennai is a culturally rich and technologically advanced metro to live in. With an estimated population growth rate of 2.57%, Chennai is home to over 95 lakh Indians. While it is a great location for students, job seekers and business owners, urbanisation and inflation has caused an increase in the cost of living to that extent where it may be difficult to fund emergencies and goals simply using savings. In such instances, you can opt for a personal loan in Chennai and finance pressing needs with ease.

In today’s time, you can avail an instant personal loan without pledging any collateral, at competitive personal loan interest rates, by simply making an online application. All you need to do is meet the lender’s eligibility criteria, submit the necessary documents, and use the loan calculator or EMI calculator to make an informed decision regarding your loan’s repayment tenor and amount.

To make a financially healthy choice, here are the top things you should know about taking a personal loan in Chennai.

You must meet the lender-specific eligibility criteria

To avail a personal loan in Chennai, you must first qualify for it. Depending on the lender, the criteria you need to meet will vary. However, you must ensure that you meet all the criteria as this is an unsecured loan and lenders take these terms very seriously as they do not have any collateral to fall back on. Rejections of your loan application can leave a mark on your credit history and make it difficult for you to apply for another loan in the future.

Typically, however, the criteria is fairly straightforward and easy to meet. For example, to qualify for a Bajaj Finserv Personal Loan in Chennai, you must:

  • Be aged between 23 and 55 years
  • Be a citizen residing in India
  • Maintain a steady monthly income of Rs.35,000 or higher

You can also check your eligibility using the personal loan eligibility calculator for a more accurate depiction of the loan amount you may qualify for.

You can gain access to a sizable collateral-free sanction

A notable feature about a personal loan is that it allows you to borrow without requiring you to pledge any security. Depending on the lender, you can get around Rs.20 lakh, should you qualify for the loan. This sanction also has no spending constraints, thus allowing you to use the loan to fund any financial obligation. You may host a wedding, pay for your child’s overseas tuition fees, use it to travel, fund medical emergencies or home renovations and more.

With Bajaj Finserv, you can get up to Rs.25 lakh at competitive personal loan interest rates. You can use the funds for different purposes while keeping your interest outgo minimal.

You can apply online and forego tedious formalities

Rather than visiting a branch multiple times, taking leaves from work, or spending time battling Chennai’s traffic, you can now apply for a personal loan in Chennai in a few clicks online. This makes it convenient for you to apply on the go, from home or office, without having to stand in long queues or endure tedious procedures. All it takes is submitting the required documents, filling an online form, and completing your application.

You can opt for a tenor that suits your repayment capabilities

Depending on the lender you apply with, you can opt for a flexible tenor that suits your monthly budget. This is essential to maintain healthy finances and keep missed payments minimal. Further, using a loan EMI calculator, you can check beforehand to see if an offering matches your requirements. This tool will tell you exactly how much you owe as interest and your EMIs.

You can enjoy instant loan approval and other value-added features

Lenders such as Bajaj Finserv allow you to enjoy additional value-added features when you apply for a loan. Among them is online loan approval in just 5 minutes, which makes it easy for you to get an instant personal loan in Chennai, especially when it comes to tackling emergencies.

Further, Bajaj Finserv also offers the flexible personal loan facility through which you can withdraw from your sanction, multiple times, in parts. Here, you are only charged interest on the amount you utilise and not the entire sanction. Further, you can make part-prepayments. You can also choose to pay interest-only EMIs for the initial part of the tenor, which further reduces your EMIs by up to 45%. This can come as highly handy during a cash crunch.

Now that you know how to go about availing a personal loan in Chennai, start planning for your goals today. With lenient criteria, the minimal requirement for documentation, large loan amount and transparent fees and charges, the Bajaj Finserv Personal Loan in Chennai is a great fit for most of your needs. To shorten processing time, check your pre-approved offer today.